Choi Sang-mok "Be aware of economic uncertainty..."Quick response to excessive foreign exchange volatility"

Deputy Prime Minister and Strategy and Finance Minister Choi Sang-mok said the economic team would closely monitor internal and external conditions and sectoral trends, paying particular attention to economic-related uncertainties in the third quarter's GDP.

"The GDP in the third quarter fell short of expectations due to sluggish construction and export adjustments despite a rebound in domestic demand," Choi said in remarks at a meeting of economy-related ministers at the Seoul Government Complex earlier today.

"Exports have been adjusted for six consecutive quarters due to temporary factors such as base effects and automobile production disruptions," he said, stressing that while temporary factors will be resolved, external uncertainties such as the U.S. presidential election, major economies, the Middle East crisis, and major industries should be thoroughly prepared.

In particular, he said he will work hard to fundamentally enhance the competitiveness of the semiconductor industry facing the global competition and market demand transition, and will push for 26 trillion won support packages such as industrial complex creation, water support, and low-interest loans without a hitch, and come up with additional support measures such as transmission infrastructure and training of professionals.

Deputy Prime Minister Choi said he would be especially alert about Israel's retaliatory attacks on Iran and prepare for all possibilities through an emergency response system across ministries, adding that he would respond quickly to excessive volatility in the financial and foreign exchange markets, which are separated from fundamentals, in cooperation with related agencies.